PwC tapped to chart Penang’s roadmap for international financial hub, says CM

GEORGE TOWN, July 20 — The Penang state government has appointed PricewaterhouseCoopers Advisory Services Sdn Bhd (PwC) as the consultant to prepare the white paper, framework and action plan for the proposed Penang International Financial Centre (PIFC).

Penang Chief Minister Chow Kon Yeow said this decision was made by the PIFC special task force committee.

“The letter of appointment was issued to PwC on June 15 and the company has returned the Letter of Acceptance, confirming its agreement to all the terms and conditions of the appointment,” he said in a statement issued today.

He said PwC was given 20 weeks to complete the white paper, strategic framework (blueprint) and action plan as well as set the direction for the establishment of the PIFC.

He explained that the white paper will detail the strategic rationale and regulatory framework and set the direction for the establishment of the PIFC while the strategic framework (blueprint) will cover the governance structure, institutional readiness, infrastructure requirements and incentives, as well as the structure and focus of the financial services that will shape the PIFC.

“The action plan will detail the phased implementation of the PIFC, including the actions, responsibilities, key performance indicators (KPIs) and accountability structure required to operate it,” he said.

Chow said PwC presented a progress report on the preparation of the white paper for the committee review on July 17.

“Based on the preliminary findings of its study and presentation, PwC said the main rationale for establishing the PIFC would be aligned with Penang’s economic mainstay, the global electrical and electronics (E&E) supply chain,” he said.

He said this advantage will indirectly create opportunities for the state to continue driving innovation in related industries while contributing to Penang’s overall economic growth.

“To ensure that the PIFC is developed in a structured and transparent manner, PwC has also been asked to conduct engagement sessions with stakeholders, including strategic partners, local and international industry players, regulatory authorities, academics and all other relevant parties,” he said.

He said this is to ensure that the proposals developed are comprehensive, viable and aligned with the country’s technology ecosystem development strategies.

Chow said the state is confident that the initiative will serve as a catalyst for the creation of a technology-driven financial ecosystem.

“It will enable industries in the northern region to become more innovative and competitive, while supporting Penang’s economic growth and further strengthening the national economy in the future,” he said.